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Beer Tax Increased to N75 per litre

by News Reporters
7 months ago
in Business, News
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Beer Tax Increased to N75 per litre
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The Federal Government of Nigeria has increased the excise duty rate on lager and stout by 87.50%, from N40 per litre in 2022 to N75 per litre in 2023.

The government also imposed a 20 per cent ad valorem tax on the products.

Ad valorem rates are based on the estimated value of the taxable products, as opposed to a fixed rate.

An annual ad valorem tax has the fundamental characteristic of being proportional to the asset’s value.

The federal government’s new fiscal policy measures (FPM) outline the rates of excise duties for the current year and include tax adjustments.

The production, licencing, and sale of products are subject to excise tax.

President Muhammadu Buhari approved new FPMs including supplementary protection measures (SPM), revised excise duty rates, and green taxes.

The 2023 FPMs will supersede the 2022 FPMs, according to a recent circular signed by Zainab Ahmed, minister of Finance, budget, and national planning.

The revised excise duty rates impose extra taxes on intoxicating beverages, cigarettes, and tobacco products.

According to the circular, the government also imposed an ad valorem rate of 30 per cent on intoxicating wines in 2023, up from 20 per cent in 2022; and a specific excise duty rate of N75 per litre, up from N50 per litre in 2022 by 50 per cent.

The ad valorem rate on spirits (whisky, cognac, vodka, and rums) increased to 30 per cent in 2023 from 20 per cent in 2022.

The actual excise duty rate on spirits increased by 200 per cent, from N50 per litre in 2022 to N150 per litre in 2023.

In the course of the year, a tariff of N300 per litre will be imposed on intoxicating beverages (beer, wines, and spirits).

This represents an increase of 114.29 per cent from N140 per litre in 2022.

According to the government, the new rates will go into effect on June 1, 2023, and be increased on June 1, 2024, concurrently with the current implementation period.

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